The Merge May Have ⬇️ Sides
Will web3 social network platforms be the end of Facebook and Twitter, Uniswap Foundation approved, Orange DAO raises big moolah
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Welcome to the mesha tribe: a weekly newsletter by mesha that brings you the latest updates on funding, DAO news and governance to help you take your project #ToTheMoon🚀
In this edition, we discuss:
· The treasury changes of top 5 DAOs
· Latest in web3 deals
· News hot from the web
· Good reads
· Updates from mesha
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DAO Treasuries by AUM
The Week’s Biggest Deals 💰💰💰
Orange DAO Raises $80M to Back Crypto Startups
Crypto investor Orange DAO has raked in $80M from the likes of Algorand and Near, and its DAO members to funnel money into new crypto startups. The venture fund is separate from the DAO itself.
Lightnet Group Gets $50M Boost From LDA Capital
Lightnet Group, which has created blockchain-based cross-border payment infrastructure, collected $50M LDA Capital. The fintech firm will use the funds to boost Web3 and cross-border payments through the Velo protocol and expand the protocol's technology.
Web3 Gaming Firm Xterio Attracts $40M
Xterio, a blockchain gaming company, has received $40M in funding, led by FunPlus, FTX Ventures and XPLA. The startup will use the funds to develop more games and bolster the platform.
DeFi Oracle Company RedStone Pulls In ~$7M in Funding
RedStone, a web3 company that creates cross-chain data oracle, has drawn funding worth nearly $7M from Lemniscape, Coinbase Ventures, Blockchain Capital and Distributed Global, among others. It will use the money to build faster, cost-efficient cross-chain oracle for DeFi protocols.
📰What’s Cooking in Web3📰
Is The End of Facebook and Twitter Here?
Facebook and Twitter are two of the most popular social media platforms on web2. Yet, they have two big problems – collection of user data and eating up millions of creator revenue. Web3 social media is here to change that.
Platforms such as Aave’s Lens Protocol and Andreessen Horowitz-backed DeSo have launched web3 social media networks like Iris, a decentralized version of Twitter, and LensTube, a decentralized version of YouTube.
Why it matters: The defining characteristic of these platforms is that they are decentralized, transparent, permission-less and allow for direct monetization. The model is likely to incentivize better content creation and allow creators to have ownership over their content. As people switch to blockchain and web3, the opportunities for more such platforms will grow.
The Downsides ⬇️ to Expect From The Merge
The crypto community is waiting with bated breath to see how the Merge will be pulled off. While this is a mammoth undertaking, there seems to be some concerns surrounding this event.
According to a report from DappRadar, Ethereum’s transition to Proof-of-Stake could result in delays, most likely via slower transaction times and service disruptions. This could be troublesome for users and other protocols in many ways.
The implications: Ethereum supports protocols that process billions of dollars in crypto every day. A slowed down Ethereum could shrink DeFi lending pools. There’s also a possibility that the value of stablecoins might plunge because of the delays. While many platforms are confident that the Merge will be pulled off successfully without any glitches, it’s judicious to be aware of the possible hiccups that may arise.
Uniswap Foundation OTW
The truly decentralized nature of web3 protocols is here. Earlier this month, two Uniswap community members Devin Walsh and Ken Ng submitted a proposal to set a Uniswap Foundation to support the growth and long-term sustainability of the protocol.
On August 23rd, the proposal was passed by the community with 88 million votes in favour of the foundation’s creation. The proposal also sought $74 million in Uniswap’s native token UNI, promising that the foundation will work towards the growth of the protocol’s decentralized ecosystem.
What will happen? The new foundation will expedite the governance process of the protocol, allowing for high-impact and high-value projects to get the green signal faster. Navigation will also get easier. The final government vote is slated for later this month.
Blockchain Startup Aims to Open the $1T Diamond Market to More Investors
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